Fabchem China to acquire domestic commercial explosives trader for $8.5 mil; requires shareholders' vote of approval

SINGAPORE (June 18): Fabchem China is planning to fully acquire explosives products trader, Shandong Laizhou Ping’an Commercial Explosives, for RMB40.5 million ($8.5 million) in cash via the group’s wholly-owned subsidiary, Shandong Yinguang Technology.

Shandong Laizhou was incorporated in China in 1998 with a registered and paid-up capital of RMB0.9 million. It has three wholly-owned subsidiaries: Laizhou Pinglei Explosion Project Service, Laizhou Anlei Explosion Project Service and Laizhou Shun’an Transportation Service.

As at end March, the company’s net tangible asset value was about RMB 4.7 million, with a loss before tax of RMB 2.2 million.

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